The Fixer: turned down for credit

Have you been left out of pocket due to poor service or sharp practice? Do you have a money problem that won't go away?

It can seem impossible to get a fair result when you are battling a financial issue alone. But never fear! The AOL Money Fixer is here to help.

Dear Fixer,
I currently have two credit cards on which I have used around 50% of the available credit.

I would like to transfer my balance to a 0% card, but despite having an "Excellent" credit score according to Experian, I keep getting turned down.

My credit report says I'm using 36% of my credit limit. What am I doing wrong?

D Hopkins, London

Dear Ms Hopkins,
The fact that you are only using 36% of your available credit could be the problem.

The lenders you are applying to may feel that you have enough credit available to you, and therefore be unwilling to increase that amount by taking you on as a customer.

This is easily remedied - all you have to do is switch the debt built up on one card to the other, and close the account on which your balance is now £0, as well as closing any other old credit accounts you no longer use.

Other potential reasons you are being turned down for 0% cards include that you have applied for too many deals in a short space of time and that there is a mistake on your credit report.

My advice would therefore be to check the information on your file carefully - and make sure you are registered on the electoral roll at your current address - before applying for any more deals.

It is also worth remembering that you are more likely to be accepted for shorter 0% deals than the very longest market-leading ones.

Rachel Springall at data analyst Moneyfacts said: "Sometimes you stand a better chance of being accepted if you apply for shorter 0% offers.

"Joint accounts may also go against you if the other person involved is missing repayments, or borrowing a significant amount."

You can find details of the best credits, including shooter 0% balance transfer deals, here.

The Fixer

Whatever your financial problem, write to themoneyfixer@aim.com and The AOL Money Fixer will get on the case.

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